China's Hunger for Italian Luxury

8/29/2012 6:44AM

China's biggest bulldozer maker plans more acquisitions and partnerships in Europe and the U.S. The WSJ's Laurie Burkitt talks about how Shandong Heavy Industry is trying to make its mark overseas with luxury companies.

This transcript has been automatically generated and may not be 100% accurate.

... the ... a gateway to the site as a guest bulldozer company ... says he isn't done making acquisitions after buying one of the most luxury yacht makers in the world last year ... joining me now in Beijing is Laurie Burkitt ... who interviewed the head of this ... company yesterday ... so Lori ... this man is saying to us that he's not done making acquisitions in fact when hearing that the government is really keen for other state-owned enterprises ... to keep making acquisitions where ... else have we seen activity are where will we be likely to see more activity ... well definitely China what's natural resources so for going to look at oil and gas that's can it be asking a big factor ... aam from the consumer level to China certainly wants to get it to me now ... say we've seen some acquisitions like recently ... I've break spirits which is the state owned toot Company a conglomerate ... it acquired in the English brand of Weetabix said this is the big cereal name ... that they wanted to bring out British breakfast into Chinese people and then take that mean ... that they care over overseas ... so were really seeing an across the board and in a number of different factors ... now ... how it How and that dismal economies both in Europe and in the States ... hoping to facilitate these kinds of deals happening a mean I remember when I was in Japan ... you know so many Chinese companies are trying to get in that they were facing so much and to attend a backlash ... do you think a lot of that has died down and that this is happening ... now more out of economic necessity for a lot of these companies ... well ... let's look first of all and this one example of this Chinese bulldozer company going after ... on a luxury not company and that's not sort of ... the thing that happens every day right but there was an instance where this is a Canadian company that was in need of money ... and and Chinese company came along and once in ... a consumer arm ... said this was the perfect opportunity that was one created by ... high economic downturn and necessity and into IMU for a Chinese at companies to get their names overseas that will that ... so and we are seeing that there is you know this and need that that that is being propelled by a Chinese company ... now ask for your question is whether or not the sentiment ... on has changed globally of letting the Chinese and overseas ... I mean I I think they're still concerned and largely because ... some of these companies that it really that the state-owned ones are great secret of their things we don't know about them ... and we don't know how their leaders to come to power with and that the company themselves and so I think a lot of I'm ... trades parents he is lacking on and ... we may see that these companies become more transparent as they try to soothe ... that the woes of overseas companies ... as they try to warm up and and create more acquisitions ... with this um Italian yacht maker for Etsy and particulary Alex had a very proud history and heritage ... how are they e ... end of trading with their new Chinese owner you are we seeing any culture clashes ... well they're certainly not completely opening up to let us know where the culture actions are ... and that kind of apparent to me even yesterday ... I mean going to press briefing ... at the Chinese did something that maybe the Italians wouldn't have done which is they played the Star Wars theme song wingnut the chairman came in ... and then that it necessarily something that ... the Italian company would do that is a lot of fun and ... I'm the and this is just one side where in their media culture clash ... aam but it's the inside that makes a cute that Freddie chairman yesterday to was actually am quite grateful he said ... then the company the Chinese company ... has been hands on ... aam but it's because they're both looking to get value out of this ... and that they certainly didn't admit it we can say is ... in saying that it with out that the Chinese side they would have a hard time getting into this market I mean he after member this is where everyone ... wants to be so this gives them a special door and let ... sit to build a better market here ... great thanks so much for joining us Laurie Burkitt Wall Street Journal reporter in Beijing